A residential tower at 12th Avenue South and Laurel Street in the Gulch has been named Twelve Twelve. / Rendering by Hastings Architecture Associates

Written by

The Tennessean

Ray Hensler

More

ADVERTISEMENT

The 288-unit residential high-rise Nashville developer Ray Hensler is building at 12th Avenue South and Laurel Street in the Gulch officially has a name: Twelve Twelve.

A banner bearing that moniker was unfurled Thursday. “After a lot of consideration, we basically settled on the address, which we expect to be theaddress for high-rise living for some time,” Hensler said, referring to the building at 1212 Laurel St.

But the $64 million question remains whether the units will be apartments or condos when the building is ready for occupancy starting in July. Hensler expects the final determination on how to move forward to be settled by early March, but is taking steps on both fronts.

“We’re still preparing to launch the project as a AAA luxury rental in April,” Hensler said, adding that Texas-based Riverstone Residential Group has been hired to prepare the property for that launch of preleasing if the decision is not to convert to condominiums.

Simultaneously, with the project lender’s approval, Hensler and his Fort Lauderdale, Fla.-based co-developer Stiles hired Parks in the Gulch, which is meeting with people who have inquired about purchasing units. “It seems like the lion’s share of time has been spent talking to people who want to buy either penthouses or premium two-bedroom corner units,” Hensler said. “We’re not going to commence preleasing until April, using the time between now and April 1 to determine the level of buyers’ interest at prices we think we would need to achieve in order to make it worthwhile to change course.”

With only a three-month inventory of 64 resale condo units available to purchase downtown, no developer-owned units and no new units planned or in the pipeline, condo brokers are closely watching Hensler’s moves and hopeful for new inventory.